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Can you summarize NERS 8-119?
BANKS AND BANKING > Capital stock; sale; compensation prohibited; false statement; penalties.
Short Summary
This legal provision applies to corporations organized for conducting a bank under the laws of Nebraska. Before being granted a charter, such corporations must file a statement with the department, under oath, stating that no compensation has been paid or promised to any person for selling the stock of the corporation. Filing a false statement is considered a Class I misdemeanor. If a false statement is found after the charter has been delivered, the department may cancel the charter and appoint a receiver for the corporation. The penalties for non-compliance include fines and imprisonment.
Whom does it apply to?
Corporations organized for conducting a bank under the laws of Nebraska
What does it govern?
Sale of capital stock in corporations organized for conducting a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Guilty individuals are subject to a Class I misdemeanor. If a false statement is determined after a public hearing, the charter of the corporation may be canceled and a receiver appointed.
Jurisdiction
Nebraska